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File name: SSRN-id910862. ; Size: 266K
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In Letter but not in Spirit: An Analysis of Corporate Governance in the UK
Sridhar Arcot
ESSEC Business School - Finance Department
Valentina Bruno
American University - Department of Finance and Real Estate
May 2006
Abstract:
We examine the effectiveness of the "comply or explain" approach to corporate governance in the UK. Using a unique database of 245 non-financial companies for the period 1998-2004, we perform a detailed analysis of both the degree of compliance with the provisions of the corporate governance code of best practice (Combined Code), and the explanations given in case of non-compliance. We rank the quality of explanations based on their information content. We find an increasing trend of compliance with the provisions of the Combined Code, but also a frequent use of standard and uninformative explanations when departing from best practice, which highlights a common conformity with the letter but not the spirit of the Code.
Number of Pages in PDF File: 73
Keywords: Corporate Governance, Comply or Explain, Combined Code
JEL Classification: G30, G34
working papers series
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Date posted: October 13, 2005
Suggested CitationArcot, Sridhar and Bruno, Valentina Giulia, In Letter but not in Spirit: An Analysis of Corporate Governance in the UK (May 2006). Available at SSRN: http://ssrn.com/abstract=819784 or http://dx.doi.org/10.2139/ssrn.819784
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